The research report ” Global Medication Management Market: By System (Computerized Physician Order Entry, Clinical Decision Support System, Administration Software Inventory Management, Automated Dispensing Systems (ADS) and Assurance System Software), By Service (Medication Analytics and Point -of -Care Verification), By Delivery Mode (Cloud – Based, Web – Based and On-Premise), By End User (Hospitals, Pharmacy and Others), and Geography – Global/Region/Country Forecast to 2027″, The Global Medication Management Market was valued at US$ 3647.46 Mn in the year 2020 and is anticipated to grow US$ 12325.93 Mn by 2027 at CAGR of 19% over the forecast years 2021-2027.
Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on ” Global Medication Management Market: By System (Computerized Physician Order Entry, Clinical Decision Support System, Administration Software Inventory Management, Automated Dispensing Systems (ADS) and Assurance System Software), By Service (Medication Analytics and Point -of -Care Verification), By Delivery Mode (Cloud – Based, Web – Based and On-Premise), By End User (Hospitals, Pharmacy and Others), and Geography – Global/Region/Country Forecast to 2027″,
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Pharmacies and Hospitals opting for Medication Management Systems hugely to enhance the efficiency of operations
Medication management is a strategy helps in improving the medication use according to the condition of the patient. It also makes sure that the patient understands the purpose of the medicine and takes it on time and in correct manner. A few advantages that medication management systems provide are therapy management, medication set-up simulations for patients, medical reconciliation and patient or family education on medications. There is huge demand for medication management systems from healthcare organizations due to their provision of process developments in providing productivity along with quality. It becomes easy to manage information by making use of medication management systems in terms of some important parameters such as patient analysis, valuation analysis, account balances, supplier costs and regulatory and compliance information.
Retail pharmacy outlets are now more aware about the benefits of using medication management systems as they greatly help in enhancing the productivity and smooth workflow of operations. The benefits of using medication management systems are many such as reduce patient waiting time, improve profit margins through IT infrastructure development, reduce operational costs and enable optimization. Healthcare settings get good help from these systems to generate reports on clinical performance, which can be used for practice improvement plans. There are some leading factors boost the market growth such as growing demand for Health technologies, increasing penetration of mobile devices, huge investments made by the hospitals for improving the quality of treatment services and increase in healthcare expenses.
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North America became the huge market revenue share obtainer in Global Medication Management Market
North America dominated the Global Medication Management Market recording substantial CAGR of 15.7%. There are several factors that contribute in driving the market growth in the region such as shortage of primary care physicians, availability of a huge count of small-and medium-scale players providing medication management services to different pharmacies and hospitals and high consciousness about new technologies. Technological advancement, growing count of prescriptions in the region, increasing implementation of IT in healthcare and growing cases of infections and chronic illnesses are the major factors behind the dominance of this region in the market.
Competitive Analysis
Some major key players of the Global Medication Management Market are Siemens Healthcare, CareFusion Corporation, Braun Melsungen AG, Mindray Medical International Limited., Koninklijke Philips N.V., Omnicell, Inc, Hospira (Pfizer), McKesson Corporation, Cerner Corporation and Epic Systems Corporation.
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